PHOENIX, Ariz., Feb. 18, 2020 (GLOBE NEWSWIRE) -- FirstBank, one of the nation’s largest privately held banks with a focus on “banking for good,” announced strong fourth quarter results after a 12-year streak of steady growth. With 15 branches across the Valley, FirstBank reported consistent numbers for its Arizona branches at the end of Q4 2019:
- Deposits increased from $500.3 million to $589.6 million, up 17.8 percent.
- Loans grew to $889.1 million, compared to $840.5 million in Q4 2018.
- Assets rose to $939 million from $891.1 million the prior year.
In November 2019, FirstBank was recognized by AZ Business Magazine as an AZ Business Angels award winner for its consistent efforts to give back to and invest in the local community. FirstBank won the “Partnership of the Year” category along with the Alliance of Arizona Nonprofits for their work behind Arizona Gives Day. Through this seven-year partnership, FirstBank has helped Arizona Gives Day grow its impact every year, raising more than $17 million for Arizona nonprofits since its inception.
“Our partners and clients understand our unwavering commitment to the community, and their commitment to us has led FirstBank to consistent growth over the last twelve years,” said Joel Johnson, Market President for FirstBank. “We thank all of our partners as well as our dedicated employees for helping us close 2019 in such a strong fashion.”
Companywide, FirstBank continued its year-over-year growth across several key categories including growing total assets by 7.5 percent to $19.97 billion; increasing total deposits by 7.5 percent to $17.93 billion and increasing net loans 6.7 percent to $11.39 billion. Net income remained consistent at $270.80 million.
“Twelve years of unprecedented growth is a tremendous achievement,” said FirstBank CEO Jim Reuter. “Our employees’ hard work, dedication, and commitment to our customers and communities is a contributing factor in our success. We want to build on these accomplishments and continue to prioritize the long-term financial growth that enables us to carry out our mission of banking for good.”
About FirstBank
FirstBank began providing banking services in Colorado in 1963. Today, the bank maintains more than $19 billion in assets and operates more than 115 branch locations across Colorado, Arizona and California. FirstBank offers a variety of checking accounts, savings accounts, home equity loans, mortgages, and a full range of commercial banking services, including financing, treasury management and deposit accounts. Since 2000, FirstBank has been recognized as a leader in corporate philanthropy, contributing more than $65 million and thousands of volunteer hours to charitable organizations. The company is also unique in that a large portion of its stock is owned by management and employees, giving all employees a financial stake in the bank’s success through its Employee Stock Ownership Program. For more information, visit www.efirstbank.com.
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